The Dow and S&P 500 jumped on Monday as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective. Shares of airlines and other travel-related stocks posted the biggest gains.

The S&P 500 popped 1.2% to 3,550.50 and also reached an intraday all-time high. The small-cap Russell 2000 index gained 3.7%. 

Those losses in Big Tech weighed on the broader market as the session went on, leading the Dow and S&P 500 to close well below their highs of the day.

The vaccine announcement was seen on Wall Street as a sign that the pharmaceutical industry may soon have a viable way to control a disease that has derailed the U.S. economy for much of 2020 and has killed more than 230,000 Americans.

Shares of cruise-operator Carnival Corp. rocketed higher by 39.3%, Southwest Airlines jumped 9.7% and the Walt Disney Company popped 11.9% as investors bet a vaccine may allow more vacationers to attend its many amusement parks.

Bank stocks also rallied on hopes of a quicker return to normal economic activity. JPMorgan Chase and Bank of America gained 13.5% and 14.2%, respectively. Citigroup advanced 11.5%.

Democrats are projected to keep their House majority, although Wall Street was watching closely as Senate control is still in limbo. Both of Georgia’s Senate races are likely going to runoffs slated for early January.

Stock futures declined in early morning trading on Tuesday following a record-setting rally sparked by promising news of a coronavirus vaccine.

The overnight action came after a strong rally on Wall Street that saw the Dow and the S&P 500 hit new intraday record highs. However, the Nasdaq Composite closed lower by 1.5% at 11,713.78 as traders rotated out of high-flying technology names that outperformed during the pandemic into more beaten-down value stocks.

U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announced Monday their coronavirus vaccine was more than 90% effective in preventing Covid-19. The news sent travel stocks soaring as the’ recovery of these companies depends on a successful economic reopening. 

While cyclical stocks led the market advance on Monday, the tech-heavy Nasdaq Composite fell 1.5% as investors dumped some of the popular stay-at-home plays such as Zoom Video and Netflix. The Nasdaq finished Monday’s session near its session low.

Pfizer’s big vaccine news came as the U.S. topped 10 million cases of Covid-19, a bleak milestone just 10 days after reaching the 9 million mark amid a record surge in daily infections. Many on Wall Street believe a viable vaccine would be crucial for the economy on its road to a full recovery.

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